UK digital bank Revolut will split its wealth management products and plans to launch a standalone app, Revolut Invest, by the end of the year

2024-09-24 14:29:03

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ChainCatcher news, according to Bloomberg, UK digital bank Revolut Ltd. is spinning off its €8.5 billion ($9.5 billion) wealth management products into a standalone app called Revolut Invest, seeking to compete with companies like Robinhood and eToro for a larger share of the retail investor market.

The Revolut Invest app will initially offer nearly 5,000 assets, including US and European stocks, exchange-traded funds, commodities, bonds, and new products such as contracts for difference.

Rolandas Juteika, Revolut's head of regional wealth and trading, stated in an interview that the app is currently being tested in Greece, Denmark, and the Czech Republic, and will launch in other European Economic Area countries by the end of this year, with plans to double the number of assets available for trading.

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